Inox Green Energy Services Limited (INOXGREEN.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-84.1%

₹18.56

vs ₹116.78 price

Levered DCF

₹0.56

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

7.93

Safe zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	49.8×	194.65×	144.71×	-21.16×	-347.65×	-62.21×	1,029.62×	-33.2×
P/B	2.99×	1.97×	3×	1.06×	2.14×	2.21×	2.61×	35.27×
P/S	18.15×	16.46×	17.98×	4.59×	10.02×	10.02×	10.44×	8.36×
EV / EBITDA	24.66×	37.62×	37.53×	18.63×	25.89×	29.18×	20.86×	67.79×
Gross margin	21.1%	15.2%	42.8%	7.6%	63.6%	68.7%	66.1%	15.5%
Operating margin	7.6%	-0.5%	41.9%	0.1%	19.8%	19.2%	33.7%	12.5%
Net margin	36.4%	8.4%	12.4%	-24.4%	-54.1%	-89.1%	1.0%	-25.2%
Current ratio	2.87×	3.37×	1.51×	0.8×	0.46×	0.64×	0.52×	0.72×
Debt / equity	0.05×	0.09×	0.13×	0.55×	1.12×	0.83×	0.74×	23.39×
Interest coverage	2.44×	-0.07×	3.69×	0×	0.62×	0.55×	1.05×	0.26×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.0%	1.0%	2.1%	-5.6%	-11.6%	-19.6%	0.3%	-106.5%
Return on invested capital	0.8%	-0.0%	4.8%	0.0%	1.7%	1.7%	2.4%	1.2%
Return on assets	4.8%	0.8%	1.3%	-2.8%	-4.4%	-8.1%	0.1%	-2.8%
Free cash flow yield	1.6%	1.1%	-0.2%	-8.3%	-0.3%	1.4%	-15.8%	-14.2%
Earnings yield	2.0%	0.5%	0.7%	-5.3%	-5.4%	-8.9%	0.1%	-3.0%
Enterprise value	₹51B	₹40.1B	₹42B	₹17.4B	₹25.8B	₹22.5B	₹22.1B	₹28.9B
Net debt / EBITDA	0.01×	1.25×	1.46×	6.33×	8.61×	6.85×	4.59×	27.02×
Cash conversion cycle (days)	375	919	413	185	-81	-750	-258	804